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Paraguay keen to boost trade, investment links with Middle East and Asia
Estefania Laterza, José Aguero Avila, Federico Sosa Otero. — Supplied photo
Paraguay is expected to have a greater economic growth in Latin America between 2021 and 2024.
The South American country, Republic of Paraguay, hosted an investment forum on December 8, at Expo 2020, as part of the country’s strategic focus on attracting inward investments to the landlocked country and fostering bilateral relationship with the Middle East and Asia.
The event was graced by Ambassador Estefania Laterza, National Director of Investment and Exports Network Rediex; Federico Sosa Otero, Investment Attraction Director Investment and Exports Network Rediex; and José Aguero Avila – General Commissioner, Republic of Paraguay Pavilion for Expo 2020, along with representatives from the government of the UAE.
Laterza said: “Paraguay has a business-friendly environment and a good quality of life for investors who decide to live or visit the country. Paraguay offers an array of opportunities in terms of leisure, sports and the most captivating ecotourism and adventure travel experiences.”
Paraguay is expected to have a greater economic growth in Latin America between 2021 and 2024. The economy has shown little to no impact to external factors, even when the world was battling a health emergency. The country also boasts lowest indirect and corporate tax rates in the region along with guarantee to the right of property, equal treatment of national and foreign investments, freedom of exchange and free trade.
“In addition, the country has a privileged location given the confluence of two important rivers in its territory and the fact that it is situated along the inter-oceanic corridor which grants access to the most important ports and markets in the region, such as Brazil and Argentina. Paraguay has a youthful, competitive human resources,” she added.
Paraguay is open to all and has always encouraged foreign direct investment. An investment of as low as $70,000 can help acquire a permanent residence.
The country has several laws and regulation that provides extensive benefits to investors, which includes reduction or exemption of national taxes, guarantee of tax stability for a period of up to 20 years, depending upon the kind of investment, reduction of VAT on sales in the local market and reduction of real estate taxes, industrial patents in the development of factories to stimulate the establishment of industrial companies in areas that needs to generate development and therefore jobs and social and economic welfare.
Paraguay is taking part at the Expo 2020, under the theme of `creating sustainable development opportunities,’ with focus on connecting water, renewable energy and mobility. Paraguay’s principal exports are food and hydroelectricity, and the country is one of the top exporters of soybeans in the world. Paraguay, ranked as the `world’s happiest place,’ at the Expo Dubai is looking at exploring investment opportunities and the strategic potential of water in generating renewable energy.
— business@khaleejtimes.com
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